BITCOIN BANKING BAN – RBI WINS?/OPENS BLACK MARKET? – DO WE NEED TO BE WORRIED?
Last April, The Reserve Bank of India came with the proposal of Bitcoin Banking Ban Where it was mentioned that all the exchanges connected with Bitcoin and individuals, those trading in Bitcoin they should convert their investment in Rupees within the next 3 months whose last date is on July 5th.
The Supreme Court dismisses the petition given and it is said to continue the Bitcoin Banking Ban. What is the point of view now? Is Bitcoin Banking Bans can be completely successful by the Reserve Bank of India?
Major Exchange Zebpay’s Notice on 4th July --
India's Major Exchange Zebpay gave a notice to its consumers on July 4th. According to the notice, the exchange will be closed trading pairs against INR till further notice is not received from the Central banking sector.
Wazirx Goes For P2P
On the other hand, media reports that the Wazirx Exchange is going to start a new system. This system will be able to purchase full peer-to-peer and non-banking, where customers and dealers directly can buy/sell.
The exchange will provide an escrow service that will keep an eye on money transfers from the buyer’s side, and after confirmation from seller’s side.
After the seller receives the money in their bank account, they will transfer of amounted coins to the exchange, later the coins will be transfer to the Buyer’s Electronic wallet addresses by Wazirx.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” Wazirx – CEO, Nischal Shetty said.
I have some Quetions for Steemit Bloggers --
- What do you think?
- Effects of banking ban in cryptocurrency businesses?
- Do we need to be worried?
- RBI opening a Black-Market for crypto Buy/Sell?
Let me know in the comments section below
image sources- @google
Follow me -
Facebook - https://www.facebook.com/somenath.ghosh.545
Twitter - https://twitter.com/somu2gh?s=09
wazirx bhi ban ho gaya to?? @banjo
Okay, goodnight.
You can not ban everything just like that... If wazirx follows all norms legally then no one can ban any business.. That is my understanding.. If they have to ban p2p model then paytm should also b banned in India..
you are right brother, then nothing left for business.
Its really sad that Indian RBI banned it. But wazirex is a safer side for us, if everything gone table turn. For sure RBI opened the black market. They will realize it later.
they should realize the power of crypto community.
I don't think cryptocurrency will going to ban.....
@somenath,
As you know Bitcoin is growing day by day and in future, for doing faster transactions across countries this is the fastest way to send our money to the receiver in seconds where it was taking days to process the same.
For the country like India which is becoming digital, it is not so far when Indian government will realize and regulate Bitcoin by reversing their decision.
Bro Indian Banking system, crypto ban nhi karenge.....Worried hone ka kuch baat nhi....
yes bro, i hope so, if worst case will arise then i think there are many ways to convert in INR..
Nice blog how u get this. Idea tell me ,,u r grat guy i m a big fan of you. How much time u take to ready a blog tell me degibetly ,,u r a great person keep it up ,,i m very gratful to u if u r upvote and comment on my all blog ,,again u have such a lot of great ideashttps://steemit.com/mgsc/@pawanain/btc-price-may-hit-usd-3k-to-usd-5k-but-in-dec-2018-it-may-be-usd50k
Nice blog!!
in my country is punishable with jail work with cryptocurrencies
@merryslamb - you are from where?
This is not good for the future of crypto as well as future of India.Reserve Bank will regret of their decision.
you r doing marvelous job...keep it up